Epic FTX crashes, shake the “crypto” market, partners flock to terminate the deal

Clearly, it affects investor confidence inDigital currency marketAll in all, serious in the blink of an eye FTX Managed by Sam Bankman-Fried, its value has fallen from $32 billion. into bankruptcy

“Crypto Market” Trembling

Anticipate that the coin Bitcoin(Bitcoin) has lost more than $68,000 in value in 2022 and is likely to drop further to $13,000, the lowest in the last two years.

Exchanges were also hit, with SBF-backed Robinhood trading down 30%.

side BlockFi Crypto Lending Company FTX Going to carry in the middle of last year, saying that FTX had an impact, causing the company to be unable to carry on business as usual and temporarily stopped withdrawing funds.

trading website Liquid stop trading on the platform After suspending cash and crypto withdrawals on the platform on November 15, 2022, due to an order from S&C (Sullivan & Cromwell Law Firm), acting for FTX Trading, to suspend all web commerce and our commerce due to Chapter 11 proceedings in Delaware courts.

Partners flock to terminate the agreement.

Earlier in October, FTX announced that it was launching Visa debit cards in more than 40 countries, with Latin America launching. Due to the dire situation with FTX, a Visa spokesperson announced the termination of its global agreement with FTX and US crypto debit cards are being suspended by issuers, as well as ending their partnership with FTX.

TSM, the major esports company, has terminated its 10-year $210 million contract with FTX, halting the partnership “effective immediately.” This means that the FTX brand will no longer appear on corporate social media profiles, our team, and our players anymore. and it will also be removed from our players shirts

FTX initiates bankruptcy proceedings

FTX has started to reviewglobal assetsAs part of the Chapter 11 bankruptcy protection process, Perella Weinberg Partners LP (PWP), a New York financial services firm, is Conducting asset audits This review may result in the reorganization or sale of certain businesses held by FTX and its affiliates in the end.

A reminder for crypto investors

Jon Ulin, certified financial planner, CEO of Ulin & Co., a wealth management firm in Boca Raton, Florida, said the fall of FTX is a stark reminder. Nothing comes fast when trying to make a quick buck in the relatively new and unregulated financial industry.

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